Property for sale: UK hotspot revealed – homes are selling here faster than anywhere else

According to new research Runcorn is the place where house sales have sped up the most compared to this time last year.

Now the average home in the area is selling in 48 days.

This is almost a month faster than the national average.

The average time to sell a property across Great Britain is 77 days, up from 72 days in 2018.

Now it seems the property market outside of the London and the south of England is flourishing.

Research by Rightmove has found that towns in the West and East Midlands dominate the top ten quickest-to-sell locations.

Redditch in the West Midlands which takes top spot as the fastest-selling market in England, with properties in the Worcestershire town selling in 45 days, on average.

However, Runcorn in Cheshire is growing the fastest across the UK.

Nationally, the average time to sell a property has risen from 72 days in January 2018, to 77 days in the current market.

Time to sell is based on a property being first listed on Rightmove until it is marked as under offer or sold subject to contract by an agent.

Towns in the North West are where sellers have seen the biggest improvements from last year, with Burnley, Morecambe, Widnes, Lancaster and Oldham all cutting their selling time by at least 14 days.

Runcorn, where the average asking price is £132,653, reduced its selling time by three weeks from 69 in 2018 to just 48 days currently – which is 29 days quicker than the national average.

Experts in the area suggest this could have been driven by the opening of the Mersey Gateway bridge.

It also means Runcorn makes it into ninth spot in the list of fastest-selling towns in England.

An expert told Express.co.uk: “It’s doesn’t surprise me in the slightest to see this latest data from Rightmove pointing towards the busier markets in the UK being in the Midlands and North.

“It’s been clear for some time that most of the ‘Brexit Drag’ we’ve seen on the market for the past twenty-four months or so is being felt mainly in London, the South East and parts of the South West, while other parts of the UK are seeing sustained demand and house price growth.

“Obviously, local factors do have a significant impact on buyer demand; for example the lifting of tolls on the Severn Bridge has had a positive effect on values and transaction levels around Newport over the past few months, whilst similar market conditions are clearly apparent in Runcorn due to the opening of the Mersey Gateway Bridge.

“But mainly, what today’s data rather clearly spells out is that in these parts of the UK, affordability is still for the most part reasonable, and buyers are still confident enough in terms of both their personal finances and the wider economy, regardless of what’s going on at Westminster, and therefore if they need or want to move home, they are doing so.

“However, it’s also quite possible that yesterday’s announcement around Brexit being potentially delayed will mean that buyers in areas where the market is currently subdued may decide to put their plans on hold yet again, and wait until there is more clarity around our departure from the EU.”

Rightmove’s property expert Miles Shipside said: “This analysis reflects what agents have recently been telling us, and what we saw in Rightmove’s House Price Index – that more northerly regions are faring better in terms of pricing power and willingness to move than those farther south.

“Agents report that properties in the North West are seeing positive market conditions with strong demand from buyers.

“Once again improvements in local-level infrastructure is a key factor, with the top areas benefiting from better transport links to bigger city centre employment hubs.”

The UK’s fastest selling property markets

Scotland

Livingston is where homes are selling quickest. On average, it takes just 35 days for properties to get snapped up in the West Lothian town.

England

It’s Redditch in the West Midlands which takes top spot as the fastest-selling market in England, with properties in the Worcestershire town selling in 45 days, on average.

Gloucester in the South West and Wellingborough in the East Midlands are the second and third quickest-to-sell locations in England, although homes in Gloucester are taking two days longer to sell than they were this time last year.

Leamington Spa also finished in the top ten fastest-selling locations, which was crowned as the happiest place to live in the country in Rightmove’s 2017 Happy at Home Index and came fifth last year.

Wales

Newport is the fastest-moving housing market, with homes being sold in 47 days there.

According to latest news property transactions have spiked as ‘uncertain times’ during Brexit have created ‘pent-up demand’. 

source: express.co.uk